Liquefied Natural Gas Compressor Market Insights
The global liquefied natural gas compressor market is anticipated to grow at a lucrative CAGR over the forecast period due to a surge in production. The market demand is expected to be influenced by the product’s affordability and quality.
Expansion in the count of LNG terminals coupled with strict government regulations has resulted in high demand for LNG Compressors. The implementation of LNG as fuel is likely to contribute towards a number of environmental benefits including cleanness of LNG and reduced toxic emissions.
Growing industrialization coupled with rapidly developing unconventional natural gas reserves is likely to require highly optimized compressor systems. These compressors offer enhanced reliability and are efficient in handling multiple gas streams originating from several sources. Also, economic efficiency coupled with safety associated with the product is likely to foster the market growth over the forecast period.
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Liquefied Natural Gas Compressor Market: Design Insights
The global liquefied natural gas compressor market is segmented into vertically-split barrel, horizontally-split barrel, and axial compressors, based on design.
Horizontally split compressors are likely to grow at a considerable rate over the forecast period due to easy maintenance, high efficiency, and reliability associated with it. These compressors are usually for medium and low pressure applications.
Axial compressors and vertical-split barrels are projected to account for significant market share owing to growing deployment of these compressors in ongoing and future projects. Increasing demand for these compressors for high pressure application along with enhanced efficiency is likely to drive the growth of axial compressors and vertical-split barrels’ segments over the projected period.
Liquefied Natural Gas Compressor Market: Application Insights
The global liquefied natural gas compressor market, by application, is divided into vehicles, electrical, industrial, and residential among others. LNG is extensively used in transport and a number of other industries as a chemical feedstock. The technical developments made in the production of LNG have helped to place LNG as one of the least expensive transportable fuels. LNG is also widely used in residential segment for cooking.
Liquefied Natural Gas Compressor Market: Regional Insights
North America is likely to dominate the overall liquefied natural gas compressors’ market over the forecast period. The regional growth is attributed to favourable government regulations along with increased emphasis on improving LNG terminal infrastructure, particularly in the U.S. and Canada.
Asia Pacific is likely to account for a considerable market share in the global liquefied natural gas compressor market over the forecast period. The regional demand is likely to be influenced by growing natural gas consumption. Demand is likely to arise from countries such as U.S., Pakistan, UAE, Albania, Indonesia, China, Japan, India, and Malaysia.
Middle East & Africa accounted for a significant market share in 2016 and is further projected to grow at a potential CAGR over the forecast period.
Liquefied Natural Gas Compressor Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global liquefied natural gas compressor market. The major consumers of the product are ExxonMobil, SABIC, SABIC, Ford among others.
Liquefied Natural Gas Compressor Market Share & Competitor Analysis
Some of the key players profiled in the global liquefied natural gas compressor market include EagleBurgmann, General Electric Company, Seimens, Mitsubishi Heavy Industries, Elliott Company, Kobelco Compressors America Inc., and IMW Industries Ltd. among others.
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